Ivanhoe’s Kipushi zinc mine in DRC officially reopens
The restart marked exactly a century since the mine first went into production.
Coloured gemstones miner Gemfields (LON: GEM) fetched $121 million in revenue from auctions in the six-month period ended June 30, a 17% decline from a year ago as emeralds and rubies face similar challenges affecting the closely related diamond sector.
The London-based company said it had $22.3 million in cash and cash equivalent by the end of the first half of 2024, with $66.7 million of outstanding debt, resulting in a net debt position of $44.4 million.
Last week, De Beers — the world’s largest diamond producer by value — revealed it was considering once again cutting output due to weak demand from top consumer China.
Gemfields, which has a 75% stake in the Montepuez ruby mine in Mozambique, said construction of a second plant at the operation remains on budget and on track for completion by end of the first half of next year.
The gemstones miner, which also has a 75% stake in the Kagem emerald mine in Zambia, said the asset’s wash plant upgrade is complete and operating at an increased processing rate.
Gemfields plans to conduct a high-quality emerald auction in the third quarter this year, and then follow it with another high-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.
It said that commentary on the operational performance and financial results will be available in its interim results due to be published on September 27.
